How IFRS 17 affects Hong Kong insurers

On 18 May 2017, the International Accounting Standards Board (IASB) issued IFRS 17 - Insurance Contracts. This new IFRS Standard for insurance contracts which are aimed at helping investors and others better understand insurers’ risk exposure, profitability and financial position. IFRS 17 replaces IFRS 4 and will be effective from 1 January 2021.